Payday loan laws in Colorado

  • Status: Legal (Colo. Rev. Stat. 5-3.1-101 et seq.)
For Lenders

Lending specifications:

  • Maximum loan amount: $500
  • Loan tenure: Minimum 6 months
  • Fees and finance charges: 20%: $0-$300 + 7.5%: $301-$500 plus 45% on yearly interest plus monthly maintenance fee $7.50 per $100 borrowed, up to $30, after first month.
  • Finance charge on a 14-day $100 loan: NA
  • APR on 14-day $100 loan: NA

Collection restrictions:

  • Collection fees: $25 NSF fee; court fees; attorney's fees (should not exceed the loan amount)
  • Criminal procedures: Prohibited
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: No limit if total debt remains within $500 and 30-days between loans
  • Rollovers allowed: One renewal allowed at 45% rate

Complaint cell:

  • Regulator: Office of the Attorney General of Colorado and Department of Law
  • Address: 1525 Sherman St.; Denver, Colorado 80203
  • Phone: 303-866-4500
  • Consumer hotline: 303-866-5691
  • Website: http://www.coloradoattorneygeneral.gov/



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  • The debt settlement program typically lasts between 6 months to 4 years time.
  • At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
  • Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
  • Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
  • That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
  • Savings a customer realizes from use of a debt-relief service may be taxable income.
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